https://www.taxtmi.com/caselaws?id=282619 The National Company Law Tribunal, Chandigarh held that the petition falls under its jurisdiction due to the debtor's registered office location. Ludhiana Scrips Pvt. Ltd. was found ineligible as a financial creditor under Section 7 of the Insolvency & Bankruptcy Code as the disbursed amount lacked consideration for the time value of money. The judgment clarified the definitions of "financial creditor" and "financial debt" under the Code, emphasizing the need for consideration for the time value of money. The compromise agreement was deemed invalid as the petitioner failed to prove the nature of the original disbursement, resulting in the rejection of the insolvency resolution process application. en-us Wed, 23 May 2018 00:00:00 +0530 Fri, 16 Aug 2019 06:44:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282619 The National Company Law Tribunal, Chandigarh held that the petition falls under its jurisdiction due to the debtor's registered office location. Ludhiana Scrips Pvt. Ltd. was found ineligible as a financial creditor under Section 7 of the Insolvency & Bankruptcy Code as the disbursed amount lacked consideration for the time value of money. The judgment clarified the definitions of "financial creditor" and "financial debt" under the Code, emphasizing the need for consideration for the time value of money. The compromise agreement was deemed invalid as the petitioner failed to prove the nature of the original disbursement, resulting in the rejection of the insolvency resolution process application. Case-Laws Insolvency and Bankruptcy Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282619